• Publications
  • Influence
The Role of Investment Banks in Acquisitions
We compare acquisitions completed with and without investment bank advice over the 1981 to 1992 period. We find that the choice to use an investment bank depends on the complexity of the transaction,Expand
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Do independent directors enhance target shareholder wealth during tender offers
Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers, managers of takeover targets can have incentives to defeat such offers. We examineExpand
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Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints?
The positive market reaction associated with an ADR listing is frequently attributed to a reduction in market segmentation costs that improves access to capital. If so, the benefit should be greatestExpand
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Pay for Performance? Government Regulation and the Structure of Compensation Contracts
A gas flow cartridge in which to conduct a coagulation-related test uses an elongated pin member movably positioned within a communication opening which separates a reagent chamber from a reactionExpand
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How managerial wealth affects the tender offer process
Abstract We present empirical evidence on the relation between changes in managerial wealth and tender offer characteristics. Changes in managerial wealth resulting from a tender offer are negativelyExpand
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A requiem for the USA Is small shareholder monitoring effective
Abstract From 1986 to 1993, the United Shareholders Association (USA) provided a conduit through which small shareholders could unite and attempt to influence the governance of large US corporations.Expand
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CREATING VALUE WITH MERGERS AND ACQUISITIONS
This report addresses two key questions for today's top executives: Do acquisitions create value for acquirers? And under what circumstances have acquisitions created the most value for acquiringExpand
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Country risk measures: how risky are they?
As global competition drives corporations into distant, unfamiliar markets, managers are searching for ways to minimize their uncertainty. When formulating their strategies for such environments,Expand
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Executive compensation of large acquirors in the 1980s
To examine the role of executive compensation in corporate acquisition decisions, we compare the compensation of top executives in two groups of firms: firms undertaking large acquisitions and aExpand
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Best Practices in Corporate Governance: What Two Decades of Research Reveals
This report addresses two key questions for today's top executives: Do acquisitions create value for acquirers? And under what circumstances have acquisitions created the most value for acquiringExpand
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